Section 153

This section applies if— the Bank of England has given an Objective 1 Achievement Notice, and the bank administrator has pursued Objective 2(a) in section 140 and believes that it has been achieved. The bank administrator shall make an application under paragraph 79 of Schedule B1 to the Insolvency Act 1986 (court ending administration on achievement of objectives). A bank administrator who makes an application in accordance with subsection (2) must send a copy to the PRA and the FCA. Failure without reasonable excuse to comply with subsection (3) is an offence.

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Source: legislation.gov.uk · retrieved 2026-09-04